Board of Governors of the Federal Reserve System

Financial Accounts Guide


Release Highlights

With each Z.1 release, major data and structural revisions are highlighted at the beginning of the publication. This page consolidates these highlights in a searchable format for all releases beginning with 2004q1.

246 entries in Financial Accounts Release Highlights

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Date Highlights Count
2014q2Annual revision of the national income and product accounts: The statistics in this publication reflect the annual revisions to the national income and product accounts (NIPAs) from 1999:Q1 forward released by the Bureau of Economic Analysis (BEA) of the Department of Commerce on July 30, 2014, and subsequent information for 2014:Q2 released on August 28, 2014. The August 2014 issue of the Survey of Current Business provides details on the major features of this annual revision.1
2014q2Fixed assets: Data for investment and depreciation flows and capital stocks for all sectors have been revised to reflect updated annual estimates of fixed assets from the BEA.2
2014q2Seasonal adjustment: Seasonal factors for quarterly flows have been recalculated for the period 2004:Q1 forward. The seasonal factors were generated using the X-12-ARIMA seasonal adjustment program by the U.S. Census Bureau.3
2014q2Rest of the world comprehensive revision: Revisions to the rest of the world sector (tables F.106 and L.106) reflect new estimates of the U.S. international transactions accounts (ITAs) and the U.S. international investment position (IIP) accounts released by BEA for 1999 through 2013. With this revision, BEA introduced a new presentation of the ITAs as part of a comprehensive restructuring to bring the international accounts into closer alignment with new international statistical guidelines detailed in the International Monetary Funds' Balance of Payments and International Investment Position Manual, 6th edition. BEA's changes are detailed in the July 2014 Survey of Current Business.4
2014q2Direct investment table: U.S. direct investment abroad and foreign direct investment in the U.S. are no longer treated as part of the identified miscellaneous financial claims instrument category. Starting with this publication, a new instrument table "Direct Investment" (tables F.229 and L.229) presents these items. This table also shows additional detail on direct investment including asset/liability-basis presentations and alternative valuations made available with BEA's recent revision of the International Economic Accounts. A forthcoming FEDS note by will provide additional information.5
2014q2Defined contribution retirement funds for state and local government employees: State and local government employee retirement funds (tables F.118 and L.118) have been expanded to include defined contribution (DC) plans. These DC plans consist of 403(b) and 457 plans. Previously, only defined benefit (DB) plans were reported for this sector. A forthcoming FEDS note will provide additional information.6
2014q2Public pension supplemental tables: Detail on defined benefit (DB) and defined contribution (DC) pension plans for the public sectors are now available on supplementary tables. State and local government employee retirement DB plans are shown on tables F.118.b and L.118.b and DC plans are shown on tables F.118.c and L.118.c. Similarly, federal government employee retirement DB plans are shown on tables F.119.b and L.119.b and DC plans are shown on tables F.119.c and L.119.c.7
2014q2Nonfinancial corporate bonds: Net issuance of corporate bonds (tables F.102, F.212, L.102, L.212, and B.102) by the nonfinancial corporate business s ector has been revised from 1995:Q2 forward to reflect new methodology and data sources. The amounts outstanding are calculated using a perpetual inventory method. International data submission tables in the "Financial Accounts Guide", previously located under "All Tables," have been moved to a new page, "International Data Submissions." This page includes two new tables: General Government Total Gross Debt and Sectoral Balance Sheets, required by the International Monetary Fund (IMF) for adherence to the SDDS Plus initiative. It also includes the four matrices (tables 610, 620, 710, and 720) produced for the OECD. SDMX files for these six tables are available on the "International Data Submissions" page.8
2014q2FEDS Notes: More in-depth discussion of selected topics relevant to the "Financial Accounts of the United States" are now available in FEDS Notes. The following notes are currently available: "The Federal Debt-Limit Standoff of 2013 in the Financial Accounts of the United States" (Ivan Vidangos), "Repurchase Agreements in the Financial Accounts of the United States" (Elizabeth Holmquist and Josh Gallin), and "Enhanced Financial Accounts" (Josh Gallin and Paul Smith). Topics for forthcoming FEDS Notes include pension entitlements, direct investment, home mortgage charge-offs, and defined contribution retirement funds for state and local government employee. FEDS Notes are available on the Federal Reserve Board's website at www.federalreserve.gov/econresdata/notes/feds-notes/default.html. A link to the FEDS Notes website is available on the home page of the "Financial Accounts Guide." Links to the appropriate FEDS Notes are also available in the table descriptions of the "Financial Accounts Guide."9
2014q1Federal funds and security repurchase agreements: Additional detail on federal funds and security repurchase agreements is now available on the instrument tables F.207 and L.207 and the sector tables for U.S.-chartered depository institutions (F.110 and L.110), foreign banking offices in U.S. (F.111 and L.111), credit unions (F.113 and L.113), and security brokers and dealers (F.128 and L.128). On these tables, federal funds and security repurchase agreements, previously reported as net liabilities, are now reported separately as assets and liabilities. In addition to changes in presentation, the data have been revised to reflect methodological improvements as well. In particular, while transactions between depository institutions were previously netted out, this instrument category now includes all federal funds and security repurchase agreement transactions, regardless of counterparty.10
2014q1Security credit: Data for the security credit instrument category (tables F.224 and L.224) have been revised to reflect methodological improvements. In particular, depository institutions' security credit assets no longer include security repurchase agreement transactions with security brokers and dealers, as these are now included in the instrument category federal funds and security repurchase agreements. The methodology for the security credit of security brokers and dealers and households has also been improved. In addition, security credit of the rest of the world sector, which was discontinued in 1976:Q1, is no longer shown.11
2014q1Home mortgage loan charge-offs: A memo item for total home mortgage loan charge-offs is now shown on the home mortgage instrument table (table F.218). Charge-offs are now excluded from home mortgage loan flows and are instead accounted for as other changes in volume. Data begin 2007:Q1.12
2014q1U.S.-chartered depository institutions: As of this publication, separate series for U.S.-chartered commercial banks and savings institutions are no longer available in the online Federal Reserve Data Download Program (DDP).13
2014q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.102, L.102, B.102, and R.102) have been revised from 2012:Q1 forward, to reflect new advance data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2012.14
2014q1Nonfinancial noncorporate business benchmark: Data for the noncorporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2011:Q1 forward to reflect new 2011 benchmark statistics from the Internal Revenue Service (IRS) Statistics of Income (SOI).15
2013q4Revaluations and other changes in volume: Revaluations, which measure changes in the market value of untraded assets (i.e. unrealized capital gains and losses), can now be separately identified from other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or change in source data or definition. This change aligns the Financial Accounts more closely with the System of National Accounts (SNA 2008). Data for revaluation series will soon be available through the Federal Reserve's Data Download Program (DDP). Other changes in volume can be calculated as the change in the level from one quarter to the next, less the unadjusted flow, less the revaluation. In practice, other changes in volume are relatively rare, and revaluations only occur for series carried at market value. The mnemonic for revaluation series begins with "FR" and the mnemonic for other changes in volume series begins with "FV". These series replace the previous "FD" series (which showed the sum of revaluations and other volume changes). Revaluations and other changes in volume appear on the balance-sheet change tables (R.100, R.102, and R.103) and all Integrated Macroeconomic Tables.16
2013q4Life insurance companies general and separate accounts: Additional detail on life insurance companies is now available on supplementary tables. Financial assets and liabilities held in life insurers' general accounts are shown on tables F.115.g and L.115.g, and those held in separate accounts are shown on tables F.115.s and L.115.s. Data begin in 1997:Q4. General accounts are used to fund contractual obligations that provide a fixed benefit or guaranteed rate of return, such as term life insurance and fixed annuities. Separate accounts are independent from general accounts and are typically used to fund variable life and retirement products.17
2013q4Treasury bills held by mutual funds: Additional detail on the composition of Treasury securities held by mutual funds has been added to the Treasury securities instrument tables (F.209 and L.209). Treasury bills, considered short-term, are now shown separately from other Treasury securities, such as Treasury notes and bonds. Data begin in 2010:Q4.18
2013q4U.S. savings securitie: U.S. savings securities replace savings bonds on the Treasury securities instrument tables (F.209 and L.209) and the federal government sector tables (F.105 and L.105). U.S. savings securities now include U.S. Individual Retirement Bonds, U.S. Retirement Plan Bonds, and U.S. Savings Stamps in addition to U.S. Savings Bonds and Matured U.S. Savings Securities. All U.S. savings securities are owned by households. Household holdings of U.S. savings securities are not shown separately from other holdings of Treasury securities on the household sector tables (F.100, L.100, and B.100).19
2013q4Treasury securities held by the Thrift Savings Plan (TSP): The federal government employee retirement funds' holdings of Treasury securities (tables F.119 and L.119) have been revised down in 1995:Q4, 2011:Q2 and 2013:Q3 to reflect suspended investments in the Thrift Savings Plan G Fund. The G Fund invests exclusively in nonmarketable short-term Treasury securities. Suspending investments in the G Fund is one way that the Treasury manages its cash and borrowing once it has reached the statutory debt limit. The amount of the suspended investments is included in the claim of the pension fund on sponsor (federal government).20
2013q4Market value of domestic corporations: On table L.213, the memo item "market value of domestic corporations" has been deleted.21
2013q3International banking facilities (IBFs): International banking facilities (IBFs) are now being treated as domestic entities rather than foreign entities, consistent with the residency criteria described in the System of National Accounts (SNA 2008) and their treatment in the U.S Balance of Payments statistics. IBFs have been moved from the rest of the world sector (tables F.106 and L.106) to the U.S.-chartered depository institutions (tables F.110 and L.110) and foreign banking offices in U.S. (tables F.111 and L.111) sectors. Instrument categories that were most affected by this shift include time and savings deposits (tables F.205 and L.205), depository instution loans n.e.c. (tables F.215 and L.215), and net interbank transactions (tables F.203 and L.203). Generally, IBFs take deposits from and make loans to foreign customers. Under the previous treatment, these transactions were not included in the Financial Accounts because IBFs were considered a foreign entity. With this change, IBFs are now included with domestic depositories, and therefore their transactions with foreign customers are shown as transactions with the rest of the world sector. Transactions of IBFs with their domestic parents are now netted out of the Financial Accounts; previously these were shown as transactions vis-a-vis foreign affiliates.22
2013q3Federal funds and security repurchase agreements: Additional detail on federal funds and security repurchase agreements is now available (tables F.207 and L.207). Federal funds and security repurchase agreements of the rest of the world and the government-sponsored enterprises (GSEs) sectors, previously shown only as net assets, now shows assets and liabilities separately. This detail is also shown on the sector tables for the rest of the world (tables F.106 and L.106) and GSEs (tables F.123 and L.123).23
2013q3Treasury and agency- and GSE-backed securities held by mutual funds: Mutual fund holdings of government securities, which include Treasury and agency- and GSE-backed securities (tables F.121 and L.121), have been reallocated from 2001:Q4 forward to reflect new methodology which incorporates mutual fund portfolio data from the Center for Research in Security Prices (CRSP).24
2013q2Financial Accounts of the United States: The Z.1 statistical release, previously named Flow of Funds Accounts of the United States, was renamed Financial Accounts of the United States in June 2013. This change reflects the expansion of the publication to include flow of funds data, balance sheets, and Integrated Macroeconomic Accounts. The new title is also better aligned with international terminology. The title of the online Guide has been changed to Guide to the Financial Accounts of the United States.25
2013q2Student Loans: The consumer credit tables (tables F.222 and L.222) have been expanded to include additional detail on student loans. Nonprofit organizations (which are in the households and nonprofit organizations sector) are now shown as a provider of student loans. In addition, a memo item has been added that breaks consumer credit down into four categories: credit cards, auto loans, student loans, and other loans. The series on student loans begins in 2006:Q1. Conforming changes will be reflected in the upcoming G.19 release on October 7, 2013.26
2013q2State and local government assetts: Asset holdings of state and local governments (tables F.104 and L.104) were revised from 2003:Q3 forward based on improved methodology.27
2013q2Real estate investment trusts (REITs): Additional detail on real estate investment funds (REITs) (tables F.127 and L.127) is now available on supplementary tables. Equity REITs are shown on tables F.127.e and L.127.e and mortgage REITs are shown separately on tables F.127.m and L.127.m.28
2013q22013 comprehensive revision of the National Income and Product Accounts: The statistics in this publication reflect the 2013 comprehensive revision of the National Income and Product Accounts (NIPA), released by the Bureau of Economic Analysis (BEA) on July 31, 2013, as well as information for 2013:Q2 released by BEA on August 29, 2013. See the August 2013 issue of Survey of Current Business, pages 6-10, for details on the 2013 comprehensive revision. Major related changes to the Financial Accounts of the United States are described in the items below.29
2013q2Fixed assets: Data for investment and depreciation flows and capital stocks of all sectors have been revised to reflect BEAs new concept of fixed assets as part of the comprehensive revision. Under the new concept, fixed investment now includes expenditures for research and development and entertainment, literary, and artistic originals. Reflecting this change, a new category called intellectual property products is now shown on tables B.100, B.102, B.103, R.100, R.102, R.103 and in the Integratated Macroeconomic Accounts. The new category includes the two new items plus expenditures on software.30
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Last update: March 6, 2014